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Contribution Details
| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | Timing the Market vs. Buy-and-Hold |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 67 |
| Date | 2021 |
| Abstract Text | A total of 20 different equity indices were analysed with a theoretical framework, in which investors periodically invest at the worst, respectively best trading days. Our results suggest that investors should choose to invest periodically, utilize a passive investment strategy, and prefer a long-term investment over a market timing approach. With a multivariate regression, factors were identified, and the effect of these factors on the difference between lucky and unlucky market timer was quantified. Increasing volatility, divi-dend yield, inflation rate, and uncertainty avoidance widens the difference while increasing GDP per capita and individualism narrow the difference. |
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